NAMA to provide €3m to finance urgent remedial work in unfinished estates

The National Asset Management Agency (NAMA) has agreed to invest €3 million to fund urgent construction works in a number of Unfinished Estates linked to loans held by the agency. A spokesman for NAMA said that the Agency was working closely with the Minister for Housing, Deputy Willie Penrose and the Department of the Environment on the issue of Unfinished Estates and the fund would be used to finance work required to address problems in estates linked to NAMA loans.

A recent survey of Unfinished Estates by the Department of Environment and Local Government identified that of 221 Category Four (worst case) unfinished estates, only 28 were linked to NAMA loans.

A spokesman for NAMA said today: “Whatever about longer term solutions for the Unfinished Estates issue, there is an urgent need to address particular problems in a number of these Estates in the short term such as half completed construction works, incomplete sewerage and road works or open earth works. Our focus in the short term will be on financing work to address these problems while we develop longer term solutions for the problem. It is hoped that the work on the Estates can begin by September.”

It is understood that the Estates which will receive this funding from NAMA are located across the country.